President Bola Tinubu on Wednesday signed the student loans re-enactment bill into law.
The signing of the bill by the president came after the announcement of a temporary suspension of the commencement of the student loan scheme.
The law will allow Nigerian students in tertiary institutions to access low-interest loans for tuition and other academic needs.
Signing the bill at the State House, Abuja, the president said no one would be excluded from quality education and opportunity to build their future regardless of their background.
The executive bill is titled “A Bill for an Act to repeal the Students Loans (Access to Higher Education) Act, 2023 and Enact the Student Loans (Access to Higher Education) Bill, 2004 to Establish the Nigerian Education Loan Fund as a body corporate to receive, manage and invest funds to provide loans to Nigerians for higher education, vocational training and skills acquisition and for related matters was signed at the State House in the Presence of the leadership of the National Assembly, Ministers and Major Stakeholders of Education”.
“I have just signed a bill proclaiming the student loan effectively. First of all, I must thank members of the National Assembly for their expeditious handling of this bill considering the children of Nigeria, that education is the tool to fight against poverty effectively,” Tinubu said.
“We are determined to ensure that education is given the proper attention necessary for the country including skills development programmes.
“This is to ensure that no one, no matter how poor their background is, is excluded from quality education and opportunity to build their future.
“We are here because we are all educated and were helped. In the past, we have seen a lot of our children drop out of college and give up the opportunity.
“That is no more, the standard and the control is there for you to apply no matter who you are as long as you are a Nigerian citizen.”
